Survivorship life insurance

by Guest » Tue Oct 05, 2010 11:18 am
Guest

I wanna know more about Survivorship life insurance. Is it the same as second-to-die life insurance?

Total Comments: 5

Posted: Tue Oct 05, 2010 02:50 pm Post Subject:

A survivorship policy is essentially the same as a second-to-die policy. Sometimes that "title" is applied to second-to-die policies or to policies covering more than one person, referring to the LAST named insured to die.

Posted: Wed Oct 06, 2010 07:20 am Post Subject:

Yes it is second to die policy and i found a better way to define it, It provides one policy that insures the lives of two people, usually spouses. No proceeds are paid when the first spouse dies. The policy remains in effect and premiums may need to be paid. The death benefit is not paid to the beneficiary until the death of the second insured.

Posted: Wed Oct 06, 2010 11:50 am Post Subject:

I understand that the policy stays in effect after the first insured dies. But, does it bring changes to the premium amount?

Posted: Sat Oct 09, 2010 06:17 am Post Subject:

No. The premium is established with the understanding that it will be the same when one insured remains. The premium will be based on the average age of the two insureds.

Posted: Sun Oct 10, 2010 10:31 am Post Subject:

Max, the premium is not based upon the average age. It is based upon the joint life expectancy. It isn't the same thing.

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